Saturday, February 15, 2020

Wishful Thinking

The 20th century's most influential economist, John Maynard Keynes was always confident he could find a solution to whatever problem he turned his attention to and retained a lasting faith in the ability of government officials to do good.  

Keynes' optimism included the belief that people whose basic economic needs had been satisfied would naturally gravitate to other, non-economic pursuits, perhaps embracing the arts and nature. 

A century of experience, however, suggests that this was wishful thinking.  Neither governments nor culture have fully understood.  One economist has noted, “Reversing consumerism’s financial and cultural dominance in public and private life is set to be one of the twenty-first century’s most gripping psychological dramas.”